661 NE 61st St · Miami, FL 33137

$1,799,999

8 bd · 4.0 ba · 3,868 sqft · MultiFamily public records · 57 Days on market

Built 1972

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +5.1/10.0
• Appreciation +5.1/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

ENJOY FLORIDA LIKE A TOURIST, 15 MINUTES TO THE OCEAN AND DOWN TOWM MIAMI. MANY RESTAURANTS ALONG U. S. 1 THIS STREET DEAD ENDS AT THE BAY ONLY APPROX. 1000 FEET. LOCATED ADJOINING TO GATED BAYSIDE VILLAGE. THE OWNER IS OFFERING HIS 2 OTHER BUILDINGS LOCATED AT 676 AND 637 N. E. 61 STREET. BUY ALL THREE AND ASSURE YOUR-SELF OF A GREAT INVESTMENT FOR THE FUTURE

Key facts

• Near us-1
• Quiet setting
• Tenant-occupied

Tags

• NEAR US-1
• EASY ACCESS TO RESTAURANTS
• QUIET SETTING
• TENANT-OCCUPIED
• IMMEDIATE RENTAL INCOME

Property features AI

Finance

• Other: Taxes and tax year available but excluded per instructions
• Financial info: Four leased units generating rental income (listed rents: $2,300; $2,200; $2,250; $2,250)
• HOA & community: No HOA information provided

Exterior

• Parking: Total of 4 parking spaces (open parking)
• Security: No security features listed
• Utilities: Public water; Public sewer; Cable available; Trash collection included with rent; Sewer included with rent; Water included with rent
• Home design: 2-story building; Resale property; Composition roof; Block construction
• Construction: Block construction; Composition roof
• Exterior features: Less than quarter acre lot; Open parking

Interior

• Kitchen: Each unit includes a kitchen
• Bedrooms: Four 2-bedroom units (each unit is 2 bedrooms)
• Flooring: Tile
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Central heating; Central air
• Interior features: Tile flooring; Central air conditioning; Central heating
• Laundry & utility: Washer/dryer info not provided

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $1.80M.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $602/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.80M).
• Recommended offer: $1.75M (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 1.9% in Miami — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#177 in FL, #2,724 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F, cost of living F.
• Miami-Dade (suburban): math 45% / reading 54% proficiency, ranked #40 of 73 in FL (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.7%/yr); 757 active listings in the ZIP; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $18,180/mo this rent would consume 232% of the median local household income ($94k/yr) (locally 3106% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $17k of equity ($12k loan paydown + $5k appreciation (0.3% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.3% appreciation + 2.7% rent growth), your $504k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$113k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($1.75M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $625k; list at $1.80M implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,745,999 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 7.90%
• Cash-on-cash: 5.73%
• DSCR: 1.26
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.27% appreciation · 2.73% rent growth · sell at horizon

5-year hold

• IRR: 4.9%
• Equity multiple: 1.24×
• Total profit: $118,912
• Equity at exit: $547,269

10-year hold

• IRR: 9.7%
• Equity multiple: 2.08×
• Total profit: $543,435
• Equity at exit: $677,812

Cash invested: $504,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33137

• Home prices YoY: 0.1%
• Rents YoY: 2.7%
• Active inventory: 757
• Price-to-rent: 33.0×

Monthly cashflow live

• Estimated rent: $18,180 medium
• Mortgage (P&I): −$9,439
• Tax from tax record: −$1,764 /mo · $21,173/yr
• Insurance: −$750
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,818
• Net cashflow: $2,408

Break-even live

Break-even rent $15,131

Max offer price $1,799,999

Occupancy floor 82%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$18,180
Total (4 units)			$18,180

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $450,000
• Closing costs: $54,000
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-01
   status Pending
2. 2026-03-05
   listed $1,799,999 Active
3. 2016-06-15
   soldstatus $625,000
4. 2016-06-10
   soldstatus $625,000 Sold 364-char remark

   Show marketing remark (364 chars)

   ENJOY FLORIDA LIKE A TOURIST, 15 MINUTES TO THE OCEAN AND DOWN TOWM MIAMI. MANY RESTAURANTS ALONG U. S. 1 THIS STREET DEAD ENDS AT THE BAY ONLY APPROX. 1000 FEET. LOCATED ADJOINING TO GATED BAYSIDE VILLAGE. THE OWNER IS OFFERING HIS 2 OTHER BUILDINGS LOCATED AT 676 AND 637 N. E. 61 STREET. BUY ALL THREE AND ASSURE YOUR-SELF OF A GREAT INVESTMENT FOR THE FUTURE

5. 2016-05-06
   status Pending 364-char remark

   Show marketing remark (364 chars)

   ENJOY FLORIDA LIKE A TOURIST, 15 MINUTES TO THE OCEAN AND DOWN TOWM MIAMI. MANY RESTAURANTS ALONG U. S. 1 THIS STREET DEAD ENDS AT THE BAY ONLY APPROX. 1000 FEET. LOCATED ADJOINING TO GATED BAYSIDE VILLAGE. THE OWNER IS OFFERING HIS 2 OTHER BUILDINGS LOCATED AT 676 AND 637 N. E. 61 STREET. BUY ALL THREE AND ASSURE YOUR-SELF OF A GREAT INVESTMENT FOR THE FUTURE

6. 2016-04-12
   listed $625,000 Active 364-char remark

   Show marketing remark (364 chars)

   ENJOY FLORIDA LIKE A TOURIST, 15 MINUTES TO THE OCEAN AND DOWN TOWM MIAMI. MANY RESTAURANTS ALONG U. S. 1 THIS STREET DEAD ENDS AT THE BAY ONLY APPROX. 1000 FEET. LOCATED ADJOINING TO GATED BAYSIDE VILLAGE. THE OWNER IS OFFERING HIS 2 OTHER BUILDINGS LOCATED AT 676 AND 637 N. E. 61 STREET. BUY ALL THREE AND ASSURE YOUR-SELF OF A GREAT INVESTMENT FOR THE FUTURE

7. 1993-04-01
   soldstatus $54,500
8. 1977-03-01
   soldstatus $72,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $21,173 · $1,764/mo
• Projected year-2 tax: $21,173 · $1,764/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥102°F today · 28 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $218,160
• − Mortgage interest: −$100,828
• − Property taxes: −$21,173
• − Insurance: −$9,000
• − Repairs & maintenance: −$17,453
• − Management: −$17,453
• − Depreciation: −$52,364
• Taxable loss: −$111
• Est. tax savings @ 24.0%: +$27
• After-tax cash flow: $28,927/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Miami-Dade
• NCES district ID: 1200390
• Math proficiency: 45% ▼ -16.00%
• Reading proficiency: 54% ▼ -5.00%
• Median HH income: $43,928
• Composite: 41.76/100
• National rank: #3397
• State rank: #40 of 73 in FL

Livability — Miami

• Score: 78/100
• State rank: #177
• US rank: #2724

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment C- Housing B- Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 827,308
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 29,414
• Household income: $94,036
• Rent vs Own: 71.8% rent · 28.2% own
• Severe rent burden: 3106.0

Population outlook (Miami-Dade County) Hauer SSP2

• Today (2025): 3,126,439 people
• By 2030: 3,325,765 · +6.4%
• By 2040: 3,697,561 · +18.3%
• By 2050: 4,012,134 · +28.3%
• By 2075: 4,605,612 · +47.3%
• By 2100: 4,866,598 · +55.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: Hispanic / Latino 54% Two or more races 25% White 24% Black 16% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5% Cuban 10% Dominican 3% Salvadoran 3%
• Common ancestry: Hispanic 8% Estonian 2% Lithuanian 2%
• Foreign-born: 47% · Canada, Jamaica, Dominican Republic
• Languages at home: 34% English-only · Spanish 49% French/Haitian/Cajun 8% Other Indo-European 5%

Political lean MEDSL · Miami-Dade

• 2024 margin: R (+11.4) · D 43.9% · R 55.4%
• 2008→2024 swing: -27.6pp toward R · 2008: 16.1pp · 2024: -11.4pp
• All cycles: 2024: R+11.4 2020: D+7.3 2016: D+29.6 2012: D+23.7 2008: D+16.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.27%
• Current HPI: 385.1514
• Rent YoY: ▲ 2.73%
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+2400.0% since first listed

8 events — show timeline

• 2026-05-01 Pending — MARMLS
• 2026-03-05 Listed $1,799,999 MARMLS
• 2016-06-15 Sold (Public Records) $625,000 Public Records
• 2016-06-10 Sold (MLS) $625,000 MARMLS
• 2016-05-06 Pending — MARMLS
• 2016-04-12 Listed $625,000 MARMLS
• 1993-04-01 Sold (Public Records) $54,500 Public Records
• 1977-03-01 Sold (Public Records) $72,000 Public Records

Property tax history

+9.4%/yr

Latest (2025): $21,173 · -4.0% YoY. Source: county tax records.